XRP Price Prediction: From Lawsuit to Launchpad, Can XRP Takeoff In 2024?

04.01.2024

XRP price prediction as the token emerges as a significant player, showcasing resilience and potential growth in 2024. The international money remittance token is currently at $0.5786 despite recent fluctuations, marking a notable 1.23% increase over the past 24 hours. This movement reflects a rebound from the previous day’s downtrend, where Ripple dipped to $0.53 from $0.64.

Source: Tradingview

Despite this volatility, the community surrounding Ripple is still upbeat. XRP is presently valued at over $31 billion, placing it sixth in terms of market capitalization, according to CoinMarketCap. In the past 24 hours, XRP’s trading volume has increased by a staggering 20% to reach over $2.53 billion.

Ripple Price Strategic Moves and Potential Impact

Myles G Investments, a renowned analyst, has highlighted Ripple as the crypto market’s beacon for 2024. Predictions of an unprecedented price range between $3 to $7 hinge on XRP’s breakthrough from a six-year downtrend.

The technical analysis supporting the analyst’s estimates suggests a similar rapid growth trajectory to XRP’s historic 2017 surge. The future of Ripple is bright, with the possibility of significant gains and transformation, even as Ripple gets ready to navigate through its legal and financial milestones.

Ripple’s proactive approach, particularly in planning an Initial Public Offering (IPO) amidst legal challenges with the U.S. Securities and Exchange Commission (SEC), signals a robust future for Ripple. This potential outcome is expected to reshape the global payment landscape, with Ripple at the forefront of championing central bank digital currencies and replacing outdated banking systems.

Read also: XRP Lawyer John Deaton Flags SEC Rug Pull Ahead of Bitcoin ETF Approval

XRP Technical Indicators and Price Movements

A recent analysis by CryptoWzrd on X (formerly Twitter) draws attention to XRP’s potential for forming a bullish hammer, indicating a possible strong rebound. However, this rebound faces potential setbacks from external factors, including adverse SEC news related to exchange-traded funds (ETFs).

XRP Daily Technical Outlook:$XRP can be called a bullish hammer if we get a bullish Daily candle tomorrow. XRPBTC should take more control soon. I expect a volatile day tomorrow and my focus will be on the intraday chart to get a trade 😈 pic.twitter.com/AutD1N4Vf5

— CRYPTOWZRD (@cryptoWZRD_) January 4, 2024

The crypto market saw a significant disturbance yesterday, coinciding with CryptoWzrd’s predictions. Following the disturbance, Ripple dropped to almost hit the $0.50 low from October 2023, while Bitcoin (BTC) plummeted to around $40,000. On the daily chart, XRP is trading below the 50 Smooth Moving Average (SMA) and the 100-SMA, which are at $0.6205 and $0.5909, respectively, indicating a bearish trend in the short to medium term.

XRP/USD 4-hour price chart, Source: Tradingview

The daily Relative Strength Index (RSI) line remains neutral below the 50 level, suggesting a lack of strong bullish momentum. The Moving Average Convergence Divergence (MACD) indicator also aligns with this, maintaining a bearish outlook after the recent crossover. A critical observation is the SMA 20 line at $3.46, whose breach could signal a potential downtrend.

In contrast, the current positioning of the 20-EMA above the 50-EMA at $0.6179 suggests a bullish trend.